A cooperative is a voluntary association of persons who join together to safeguard their own interests. The primary objectives of forming a cooperative society are to protect economically the weaker section of the society.
It is a democratic organization run by its members for serving their own interests. The basic philosophy of cooperative society is given below:
- Service in place of profits
- Mutual help in place of competition
- Self-help in place of dependence
- Moral solidarity in place of unethical business practice
Various authors have defined cooperative society in different ways:
Definition of a cooperative society
According to Sherleker and Sherleker, “Cooperative society is a form of business organization; the only system of voluntary organization suitable for poorer people.”
According to Y.K. Bhushan, “A cooperative society is essentially an association of persons who join together on a voluntary basis for the furtherance of their common economic interests.”
According to Sir Horace Plunkett, “Cooperative is an association of individuals to secure a common economic goal by honest means.”
At last, we can say that a cooperative society is a union of individuals who generally join together on the basis of democracy for the purpose of economic acts of common interests. Its primary goal is to render service to its members.
Other Content of Cooperative Society: